Combine grated vegetables, crumbled paneer, breadcrumbs, garam masala, and a pinch of salt in a mixing bowl. Mix thoroughly until a dough forms that is firm enough to shape.
Divide the mixture into equal portions and shape each into smooth, round balls with your hands, ensuring they are compact and hold together well.
Heat oil in a deep frying pan over medium heat until hot and shimmering. Carefully add the vegetable balls and fry, turning occasionally, until golden brown and crispy, about 6-8 minutes.
Remove the fried balls and drain on paper towels to remove excess oil. Set aside.
In a separate saucepan, heat oil over medium heat. Add cumin seeds, letting them crackle for a few seconds, then stir in garlic and ginger pastes, cooking until fragrant and lightly browned.
Add turmeric, red chili powder, and salt to the pan, stirring for 30 seconds to toast the spices.
Pour in tomato puree and simmer the sauce for 10-12 minutes, until it thickens slightly and the oil starts to separate from the masala.
Stir in heavy cream, mixing well to create a smooth, creamy gravy. Adjust salt and spice as needed, then let it simmer for another 2-3 minutes.
Gently add the fried kofta balls to the gravy, spooning some sauce over them. Cover and simmer for 5 minutes to allow the flavors to meld and the balls to reheat.
Serve the Malai Kofta hot, garnished with fresh coriander if desired, with steamed rice or naan on the side.